 What's better, foreclose, or file bankruptcy...? |
| credit is bad already for missing pymt. but as homes going through foreclosure, should i file bankruptcy, or should i just let foreclosure happen and not worry about it...? what are the pros/cons of ... |
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 Our landlord called us to go in and sign another lease cause they made a mistake on the rent do we have to? |
| We signed a lease at the beginning of the month and they have the rent at $75 less than what it should have been do we legally have to sign another lease that would make the rent go up?... |
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 Should you tell a landlord about a broken window that you fixed? |
| it was our fault we broke it but we replaced it a day after we did it. we are new to renting.... |
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 Are home prices ridiculous? |
| I don't understand why there are homes on the market that are ghetto shacks being sold for over $300,000. Does anyone else think that people are getting greedy over real estate and can you ... |
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 What are the consequences of lying on a bank application? |
Additional Details
lying about your residence status, saying that you are a us citizen but you're ... |
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 How do "normal" people with "normal" paying jobs ex: teachers, police, afford to buy a home in CA or the like? |
| I am single and a teacher in TX and I am stunned by the possiblity of how people can afford to buy a $300,000 to $600, 000+ home in CA, OR, AZ, or really anywhere, where the "below-average" ... |
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 Can we afford a million dollar home? |
| Okay, my cousin and I are going to shack up together. She is currently in college getting her BA in Med.( She wants to be an obgyn). And, I work regular labor at $12/hr.for 40 hrs a week. Our cars ... |
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 My house is up for sale, the Estate Agents have told me to drop it £13k? |
| My house has been for sale for 4 months, no offers, I have new valuations from new Estate Agents advising to drop it £13k to £125k. They say the property market on its way down? What do you think?<... |
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 What different types of mortgages are there? I dont want to be scammed? |
| I dont want to get scammed into taking a mortgage I dont need. Can a mortgage expert enlighten me on mortgages. i would also like to hear the laymans views as well. How many types are out there; Pros ... |
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 Can you turn your home into a business? |
my friend is looking for a premises to start an organisation, can she transform the ground floor of her house.
Additional Details
she wanted to set up a help organisation for domestic ... |
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 For mortgage purposes, will my second home be considered a primary residence, investment prop. or second home? |
| I'm currently renting out my primary residence. I moved, and am living in a rental in a different state. I'm sort of doing this backward. I want to maintain my original home as a rental, ... |
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 Will the UK Prooperty Market crash in 2007? |
www.housepricecrash.co.uk
www.globalhousepricecrash.... |
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 Need legal advice on an apartment.? |
| My fiance and I have lived in this apartment since November and there is a new tennant up stairs who is constantly loud and throwing parties all the time for days straight. When I first asked her to ... |
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 Is this reasonable? I have a counter offer on a property, I want to purchase.? |
| The listed price is $249,900, and the MRIS remarks section describes the sellers as motivated. My offer was: Purchase for $245,000 with $8500 closing cost assistance. The owner's counter offer ... |
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 I have a mold issue and the landlord is putting us up in a hotel until fixed, Do we still have to pay rent?? |
| Ok, so we have had water leaks that the landlord failed to fix until weeks had passed and damage was done. Once taken care of (in feb 07) they never addressed the water damage, just the cause. Months ... |
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 How kids can help out with moving? |
| My family and i are planning on moving to a smaller home soon (As in August or September). I was just wondering what us kids, my sister and i (17 and 13) could do to help? Perhaps rais a little money ... |
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Common Sense | Tax returns vs. W-2s mortgage question...? |
When applying for a home loan, do you need your tax returns or are your W-2s and bank statements enough to document your income?
Additional Details
Hmmm... I was hoping not to see varying answers to this question. Now it's hard to know who is correct/sure and who is giving a guess or a maybe. Seems like those who work in the field or have experience are leaning towards W-2s and bank statements as being adequate. Still, I wish there was a definite answer, but maybe there's just not. Maybe this is something that can vary depending on the lender and the situation. |
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Big daddy
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I tend to agree with patty on this. from what I've seen, if your self employed, then you better have two years tax returns. Generally the paystubs will do. If the lender your going through questions something about your income, then you'll probably have to provide the tax returns. Remember, lenders vary from state to state and they are tightening underwriting conditions, so they could ask for anything and everything. For example, two lenders I've worked for, one said you need w-2's, the other said you need w-2 and tax returns. The way I look at it is this, the more information you can provide initally the less the bank can condition for you to provide later, which means fewer conditions for final approval and hopefully will get you approved quicker, good luck |
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lepr0kan
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Generally w2's are enough but if they need other information they may then ask for tax returns |
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Patty D
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It depends. If you are self employed - you will need two years of tax returns to average the income. Otherwise you will need W2's for one possibly two years (depends on the type of loan you are doing and other factors). |
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Biggie @ Arbor Mortgage
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W-2's are enough to document your income, unless you are in sales or a driver. If you submit your tax returns, they will start to look at all deductions etc. & really slow the process down. Most underwriters don't even want to see your returns. Generally, you only will submit the last 3 months of bank statement. |
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Doctor Deth
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they asked for my w-2's for last 2 yrs and current paystubs-last 4 pays when I bought an investment house 3 months ago |
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RED
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Bank statements and tax returns. |
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Kass
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Tax return |
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rhsaunders
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The banks want to see tax returns. |
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educated guess
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Tax returns..... |
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Quicken Loans
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Your banker should tell you what they need. Sometimes they may only need 30 days' worth of paystubs.
Check out the article for more info on mortgage application documents! |
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